The Euro continues to sink against the Japanese Yen, with prices sinking to the lowest level in three months. The pair is probing support at 138.95, the 76.4% Fibonacci expansion, with a daily close below that exposing the 100% level at 138.34. Near-term resistance is at 139.33, the 61.8% Fib, with a turn back above that clearing the way for a test of the 50% expansion at 139.64.

Risk/reward considerations argue against entering short with prices sitting squarely at relevant support. We will continue to stand aside for now, waiting for a more attractive setup to emerge.